Loan Comparison: 2.96% vs 6.5%
5789 Slate River, Brighton, CO 80601 · 3bd/3ba · $584,999
List Price
$584,999
Assumable Rate
2.96%
Remaining Balance
$391,037
Equity Gap
$192,229
Loan Type
FHAAdjust Your Scenario
$29,250
$29,250$192,229
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 2.96% + gap loan
$2,893/moAssumed loan: $1,640/mo
Gap financing: $1,253/mo
$619less per month with the assumable
Your Savings on This Property
5789 Slate River, Brighton · 2.96% FHA vs 6.5% conventional
$619
per month
$7,432
per year
$222,963
over 30 years
$221,230
interest saved
How gap financing works: The equity gap ($192,229) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($162,979 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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